OTGO O2Gold Inc

O2Gold Inc. (TSX-V: OTGO) (“O2Gold” or the “Company”) is pleased to provide an update on its previously announced settlement (the “Settlement”) with, among others, one of its largest shareholders, Bullet Holding Corp. (“Bullet”), and Magnolia Capital LLC (“Magnolia”), pursuant to which O2Gold has agreed to return all of the issued and outstanding shares of Buenaventura Gold, Inc., a Panamanian company (“Buenaventura”), to Bullet and Magnolia. Buenaventura indirectly owns, or has been irrevocably transferred, 26 mining claim titles and applications in the Segovia/Zaragoza regions of Antioquia in Colombia (the “Project”). The Project is being returned as consideration for (among other things) Bullet and Magnolia relinquishing their entitlements to a US$2.5 million payment that would otherwise be payable later this year. The Settlement remains subject to shareholder and regulatory approval. For more information about the Settlement, please see the Company’s press release dated June 14, 2022, which is available under the Company’s SEDAR profile at www.sedar.com.

The Company is working diligently to complete the remaining conditions to completing the Settlement, which management expects will be satisfied on or about July 28, 2022, the date on which the Company’s 2022 annual and special meeting of shareholders (the “Meeting”) is scheduled to be held. The Company expects to receive shareholder approval at the Meeting for matters related to the Settlement. Please see the Company’s management information circular dated June 27, 2022 for more information, which is also available under the Company’s SEDAR profile at www.sedar.com.

About O2Gold

O2Gold is a mineral exploration company with activities in Colombia. The Company’s contiguous 30,000-ha land package includes several brownfields and largely under-explored greenfields.

For additional information, please contact:

Jaime Lalinde, President and CEOPhone: (57) 312 350 5864Email: jlalinde@fmresources.ca

Cautionary Notes

Certain of the information contained in this news release constitutes ‘forward-looking statements’ within the meaning of securities laws. Such forward-looking statements, including but not limited to statements relating to the proposed Settlement; the ability of the parties to satisfy the conditions to closing of the Settlement; and the anticipated timing of the Meeting and completion of the Settlement, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among others, obtaining required shareholder and regulatory approvals and meeting other conditions in the agreement respecting the Settlement. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

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